Research Article
Empirical Analysis of the Implementation of (TQM) in the Production of Smocks in Northern Ghana for Sustainable Development
Abdul Fatahi Ibrahim*,
Eric Bruce-Amartey Junior,
Moshie-Dayan Ahiamenyo
Issue:
Volume 11, Issue 6, December 2023
Pages:
285-299
Received:
22 September 2023
Accepted:
23 October 2023
Published:
9 November 2023
Abstract: Total Quality Management (TQM) is a system that focuses on customer satisfaction through a notion of continuous improvement. This conception emerged decades ago to develop and increase quality management strategies. TQM is considered indispensable in any business performance improvement, and thus the need for organizations to adopt and implement. It is an integrated system of methods, principles, and best practices that provide a framework for organizations to strive for excellence in everyday processes. As a result, organizations are looking for ways of spending less and producing more. The implementation of TQM is acknowledged as a fruitful management philosophy, particularly in the manufacturing industry. The main thrust of TQM is focusing on customer satisfaction and remaining operationally efficient. The current study attempts to empirically analyse the implementation of TQM in the design and production of indigenous textiles (smocks) in Northern Ghana for sustainable development. To keep the study within manageable scopes, the study focused on indigenous textiles (smocks) producers in Northern Ghana hence, the research approach used was both descriptive and exploratory. The study was conducted using the mixed methods approach as the strategy for data collection. The data collection instruments included self-administered questionnaires as well as interview protocols. Thus, a total sample size of 120 individuals in the smock production value chain was selected conveniently from Northern Ghana who design and produce indigenous textiles (smocks). This was made up of 80 individuals involved in the actual production of smock whereas the remaining 40 were smock consumers. The SPSS was employed to analyse the quantitative data. The findings of the current study suggested that the implementation of TQM brings several benefits for businesses. These benefits can be realized in business operations, customer satisfaction and retention and adaptability to changing or emerging market conditions. Such changes were noted as improving business operations, elimination of defects and waste, higher profitability, and increased job security among others.
Abstract: Total Quality Management (TQM) is a system that focuses on customer satisfaction through a notion of continuous improvement. This conception emerged decades ago to develop and increase quality management strategies. TQM is considered indispensable in any business performance improvement, and thus the need for organizations to adopt and implement. I...
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Research Article
Interest Rates and Real Economic Growth in Nigeria: Empirical Investigation from Autoregressive Distributed Lag Model
Olufemi Ademola*,
Samson Alalade,
Peter Ogbebor,
Olalekan Aworinde
Issue:
Volume 11, Issue 6, December 2023
Pages:
300-310
Received:
1 November 2023
Accepted:
17 November 2023
Published:
24 November 2023
Abstract: Researchers continue to debate the effect of interest rates on economic growth. While some argue that the high interest hurt the economy and high borrowing cost discourages capital investments, others argue that the moderating effect of high interest rate on inflation leads to a positive real growth in the economy. In the bid to test the effect of interest rate on the economic growth, this study examined the nexus between interest rate and real gross domestic product (GDP) growth in Nigeria. To act as counterbalances, the study also introduced money supply and institutional quality as proxies for interest rate. The research is based on ex-post facto research design using a time series data of 68 quarters from 2006Q1 to 2022Q4). The Autoregressive Distributed Lag (ARDL) model was utilized to assess the effect of interest rate on real GDP growth in Nigeria. The study found that interest rate has long-run significant cointegrating relationship with real GDP growth rate (Adj R2 = 0.44; F-stat (4, 63) = 18.55 p < 0.05). The study concluded that interest rate is a significant factor influencing real GDP growth in Nigeria and that maintaining a stable lending rate is one of the basic requirements for developing countries to attain high level of economic growth. The study thus recommends that as a short-term economic tool, the policymakers may use interest rates to stimulate real growth in GDP in addition to the implementation of appropriate fiscal reforms to stimulate economic activities and support growth.
Abstract: Researchers continue to debate the effect of interest rates on economic growth. While some argue that the high interest hurt the economy and high borrowing cost discourages capital investments, others argue that the moderating effect of high interest rate on inflation leads to a positive real growth in the economy. In the bid to test the effect of ...
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Research Article
Assessment of the Economic Implications of the Introduction of E-Naira in Nigeria
Issue:
Volume 11, Issue 6, December 2023
Pages:
311-315
Received:
19 September 2023
Accepted:
8 October 2023
Published:
5 December 2023
Abstract: A digital currency or an electronic currency is money stored on a digital platform. The debate on the introduction and use of central bank digital currencies on the global scene arose because of the rapid rise in the use of private crypto currencies. Private crypto currencies is used by millions of people daily to transact across the globe. This has made governments to realize the need to introduce government backed central bank digital currencies. Digitalization is reshaping economic activities globally thereby reducing the role of physical cash in financial transactions. In response to these new developments, the central bank of Nigeria introduced a central bank digital currency the “e-Naira" in 2021. This study contributes to the emerging literature on central bank digital currencies and economic growth. This study evaluates the impact of the central bank of Nigeria digital currency on the Nigerian economy and financial system. The study adopted a qualitative methodology through literature review and content analysis. This approach entails the use of secondary qualitative information from different sources and summarizes it into useful information. The study found out that the e-Naira can accelerate financial inclusion, improve monetary policy effectiveness as well as ensure better tax collection. All these are panacea for accelerated economic growth. The digital currency is expected to be a simpler payment method and should help in reducing the amount of physical cash being used in Nigeria. It should provide veritable avenue for better inflow of diaspora remittances which can play a major role in providing in economic growth in Nigeria if properly harnessed. The study concluded that if widely adopted the e-naira could become a complementary means of payment and can act as a catalyst for continued innovation in the financial system which will lead to economic growth in Nigeria. This study recommends that the central bank should ensure the safeguard of data, protect customers’ privacy and ensure the stability of the value of the digital currency using appropriate mechanisms.
Abstract: A digital currency or an electronic currency is money stored on a digital platform. The debate on the introduction and use of central bank digital currencies on the global scene arose because of the rapid rise in the use of private crypto currencies. Private crypto currencies is used by millions of people daily to transact across the globe. This ha...
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